Oil Prices Surge Amid Escalating US-Iran Conflict

Global oil prices surged early Monday morning as markets opened amid escalating military tensions in the Middle East. The US and Iran have been engaged in a series of tit-for-tat strikes, raising concerns about the security of supplies and international trade routes.

The Iranian Revolutionary Guard announced that its Aerospace Force had carried out large-scale attacks using ballistic missiles and drones on the King Hussein and Azraq air bases in Jordan. The official statement confirmed that these strikes inflicted 'heavy losses' on the targeted sites and emphasized that this action was a retaliatory measure in response to the American attack on Larak Island.

As a result of the escalating military conflict, oil futures saw immediate gains at the start of trading. Official data released at 1:02 AM Moscow time showed that Brent crude futures for December delivery rose 2.34% compared to the previous closing price, settling at $90.35 per barrel.

The West Texas Intermediate (WTI) crude futures for October delivery also climbed 2.64%, reaching $85.64 per barrel by 1:06 AM Moscow time. This reflects growing investor concern about the potential for an escalation of the military conflict in the region.